The factors that drive the global thin film solar cell market are increase in energy consumption globally, performance efficiency of thin film solar cell, more installation flexibility of thin films, and increase in awareness toward boosting green energy. However, technological complexity associated with the manufacturing and use of thin film solar cell is expected to hamper the market growth. Furthermore, increase in research activities in the field of thin film solar cells is expected to provide a substantial growth opportunity in the near future.
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Thin film solar is specifically made by placing one or more layers of photovoltaic material on a surface, such as plastic, glass, or metal. Thin film utilizes relatively cheaper substrate which makes it cost-effective as compared to silicon. These films are easier to work with and need lesser quantity of substrate material to absorb light as compared to silicon.
Furthermore, several research activities resulted into the increased efficiency of thin film solar cell, which beat multi-crystalline silicon cells. These cells are ideal for variety of applications, such as residential and commercial, owing to their non-penetrating peel and installation flexibility. These are also used in large canal waterway solar covers and floating solar reservoir covers to decrease water losses due to evaporation.
Europe dominated the global thin film solar cell market, owing to the regulatory measures for the reduction of carbon emission and increase in demand for solar system installation in this region. In addition, government support to develop innovative business model to increase the availability of electricity to meet the demand by energy-intensive industries drives the market growth in this region. Asia-Pacific is the second leading region, which is expected to register a CAGR of 19.7%, in terms of revenue by 2023.
Key Companies Profiled in the Thin Film Solar Cell Market Report
- Oxford Photovoltaics
- Hankey Asia Ltd
- Global Solar, Inc
- XunlightKunshan Co. Ltd
- Kaneka Corporation
- First Solar, Ascent Solar Technologies Inc.
- MiaSole Hi-Tech Corp.
- Trony Solar
- Mitsubishi Electric US, Inc.
The following are the regions covered in this report.
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]
Key Findings of the Thin Film Solar Cell Market:
- Europe dominated the global market, with more than one-third share, in terms of both revenue and volume.
- The copper indium gallium diselenide (CIGS) segment is estimated to grow at the highest CAGR of 19.8% by 2023.
- Germany dominated the European thin film solar cell market, with more than one-third of the share, in terms of both revenue and volume.
- LAMEA is estimated to grow at the highest growth rate, in terms of revenue, registering a CAGR of 20.9% by 2023.
- The commercial end-user segment is projected to grow at the highest CAGR of 20.4% by 2023.
- The off-grid installation segment accounted for one-sixth of the global thin film solar cell market and is anticipated to grow at a highest CAGR of 20.6% by 2023.
Reasons for Buying this Report:
- Complete analysis on market dynamics, market status and competitive thin film solar cell view is offered.
- Forecast Global thin film solar cell Industry trends will present the market drivers, constraints and growth opportunities.
- The five-year forecast view shows how the market is expected to grow in coming years.
- All vital Global thin film solar cell Industry verticals are presented in this study like Product Type, end user and Geographical Regions.
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